Icici Bank Limited (IBN)
NYSE:IBN
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Icici Bank
(NYSE:IBN)
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Rating:73Outperform
Price Target:
$32.00
▲(11.11% Upside)
Action:ReiteratedDate:04/23/26
The score is driven primarily by strong financial performance (growth, profitability improvement, and healthier leverage) and a constructive earnings outlook supported by strong capital/liquidity and improving asset quality. This is tempered by volatile cash flows, mixed technicals (below longer-term averages), and only fair valuation with a low dividend yield, plus near-term risks around cards, corporate slippages, and cost/provisioning normalization.
Positive Factors
Multi-year revenue & earnings growth
Sustained compound revenue and net income growth over multiple years indicates a durable expansion of ICICI Bank’s core lending and fee franchises. This supports repeatable NII and fee generation, underpins mid‑teen ROE, and provides capacity to invest in scale, risk buffers and digital distribution over the medium term.
Negative Factors
Operating expense inflation
Sustained expense growth, driven by branch/technology investments and structural cost items, can compress operating leverage if revenue growth slows. Higher recurring cost base raises the breakeven for margin expansion and requires disciplined efficiency gains to preserve long‑term profitability under varying loan growth scenarios.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue & earnings growth
Sustained compound revenue and net income growth over multiple years indicates a durable expansion of ICICI Bank’s core lending and fee franchises. This supports repeatable NII and fee generation, underpins mid‑teen ROE, and provides capacity to invest in scale, risk buffers and digital distribution over the medium term.
Read all positive factors
Icici Bank (IBN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$95.35B
Dividend Yield0.85%
Average Volume (3M)6.62M
Price to Earnings (P/E)14.7
Beta (1Y)0.51
Revenue Growth1.39%
EPS Growth0.34%
CountryUS
Employees187,765
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.41
Shares Outstanding3,583,372,800
10 Day Avg. Volume6,743,908
30 Day Avg. Volume6,615,092
Financial Highlights & Ratios
PEG Ratio3.32
Price to Book (P/B)2.38
Price to Sales (P/S)2.77
P/FCF Ratio13.59
Enterprise Value/Market Cap91.57
Enterprise Value/Revenue2.89
Enterprise Value/Gross Profit4.25
Enterprise Value/Ebitda8.61
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.69
Revenue Forecast (FY)$14.56B
Icici Bank Business Overview & Revenue Model
Company Description
ICICI Bank Limited, together with its subsidiaries, engages in the provision of various banking and financial services to retail and corporate customers in India and internationally. The company operates through Retail Banking, Wholesale Banking, ...
How the Company Makes Money
ICICI Bank makes money primarily by earning interest income on loans and investments and paying interest on deposits and borrowings, with the difference recorded as net interest income (NII). Its core revenue model is therefore driven by (a) growt...
Icici Bank Earnings Call Summary
Earnings Call Date:Apr 18, 2026
(Q4-2026)
| Next Earnings Date:Jul 20, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive operational and financial performance: strong loan growth (particularly in rural and business banking), healthy NII and core operating profit expansion, improved asset quality (net NPA down) and robust capital and liquidity positions. Subsidiaries showed solid contributions and a dividend was proposed. Offsetting these positives were areas of caution—credit card contraction and lower revolvers, a pickup in corporate NPA additions, elevated operating expense growth, a small treasury loss driven by FX rules, and deposit growth trailing loan growth at period-end. Provisioning was unusually low in the quarter (helped by recoveries), which could introduce volatility if recoveries slow. Overall, the positives outweigh the negatives but with watchpoints around cards, corporate slippages and cost trajectory.Positive Updates
Strong Profit Growth (Excluding Treasury)
Profit before tax excluding treasury rose 10.1% YoY to INR 182.09 billion in Q4 and 7.1% YoY to INR 650.21 billion for FY2026, reflecting healthy operating profitability momentum.
Negative Updates
Credit Card Book Contraction
Credit card outstanding fell 5.6% YoY and 1.3% sequentially. Management cited lower revolver levels and softer card fees; card-related fee growth underperformed and acquisition costs and lower revolvers pressure profitability.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Profit Growth (Excluding Treasury)
Profit before tax excluding treasury rose 10.1% YoY to INR 182.09 billion in Q4 and 7.1% YoY to INR 650.21 billion for FY2026, reflecting healthy operating profitability momentum.
Read all positive updates
Company Guidance
ICICI Bank’s guidance emphasized risk‑calibrated, customer‑centric profitable growth while maintaining a strong balance sheet and predictable returns: management will sustain capital and liquidity (CET1 16.35%, total CAR 17.18% after proposed dividend of INR 12/share; average LCR ~125–126%) and keep margins range‑bound around the reported NIM of 4.32%; it reiterated focus on low credit cost and prudent provisioning (FY26 credit cost 38 bps; adjusted credit cost under 50 bps), continued contingency and other buffers (contingency provisions INR 131 billion ≈0.9% of advances; total other provisions INR 227.1 billion or 1.5% of loans), and on growing profit before tax ex‑treasury (Q4 PBT ex‑treasury INR 182.09 billion, +10.1% YoY; FY PBT ex‑treasury INR 650.21 billion, +7.1% YoY) by leveraging its deposit and loan franchise (deposits +11.4% YoY; loans +15.8% YoY) while closely monitoring asset quality.Icici Bank Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
76
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.02T | 3.12T | 2.95T | 2.35T | 1.85T | 1.58T |
| Gross Profit | 2.05T | 2.17T | 2.01T | 1.60T | 1.29T | 989.30B |
| EBITDA | 1.01T | 804.43B | 1.65T | 635.04B | 488.90B | 280.08B |
| Net Income | 528.91B | 542.08B | 510.29B | 442.56B | 340.37B | 251.10B |
Balance Sheet | ||||||
| Total Assets | 26.69T | 29.14T | 26.42T | 23.64T | 19.58T | 17.53T |
| Cash, Cash Equivalents and Short-Term Investments | 1.97T | 2.65T | 2.38T | 1.90T | 1.64T | 2.14T |
| Total Debt | 2.15T | 2.20T | 2.04T | 2.01T | 1.84T | 1.59T |
| Total Liabilities | 23.23T | 25.35T | 23.13T | 20.94T | 17.37T | 15.65T |
| Stockholders Equity | 3.30T | 3.63T | 3.14T | 2.56T | 2.14T | 1.82T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 635.95B | 773.94B | 1.54T | 552.00B | 777.05B |
| Operating Cash Flow | 0.00 | 673.25B | 822.20B | 1.57T | 577.21B | 795.97B |
| Investing Cash Flow | 0.00 | -130.14B | -2.37T | -1.46T | -2.53T | -1.94T |
| Financing Cash Flow | 0.00 | -46.61B | 2.06T | 137.65B | 1.47T | 1.51T |
Icici Bank Technical Analysis
Neutral
28.80
Price Trends
28.41
Positive
29.34
Negative
30.65
Negative
Market Momentum
0.16
Negative
63.71
Neutral
91.06
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IBN, the sentiment is Neutral. The current price of 28.8 is above the 20-day moving average (MA) of 26.76, above the 50-day MA of 28.41, and below the 200-day MA of 30.65, indicating a neutral trend. The MACD of 0.16 indicates Negative momentum. The RSI at 63.71 is Neutral, neither overbought nor oversold. The STOCH value of 91.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IBN.
Icici Bank Risk Analysis
Icici Bank disclosed 63 risk factors in its most recent earnings report. Icici Bank reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Icici Bank Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $96.33B | 9.08 | 21.64% | 9.77% | 22.96% | 6.95% | |
73 Outperform | $95.35B | 14.67 | 15.75% | 0.85% | 1.39% | 0.34% | |
72 Outperform | $125.09B | 4.96 | 13.60% | 3.03% | 0.81% | 1.99% | |
71 Outperform | $89.03B | 12.15 | 11.98% | 3.11% | 3.51% | 21.52% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $78.00B | 9.28 | 9.93% | 3.19% | -15.15% | 29.78% | |
57 Neutral | $104.07B | 10.79 | 9.73% | 2.31% | -8.02% | 22.45% |
* Financial Sector Average
IBN
Icici Bank
26.42
-7.49
-22.09%
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25.18
-11.23
-30.85%
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8.62
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55.48%
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5.36
1.71
47.01%
MFG
Mizuho Financial
8.51
3.61
73.67%
PNC
PNC Financial
220.71
60.40
37.68%
Icici Bank Corporate Events
ICICI Bank Posts FY2026 Results Call Recordings for Investors and Media
Apr 21, 2026
ICICI Bank Limited has informed investors that audio recordings of its interactions on financial performance for the quarter and financial year ended March 31, 2026 have been made available on its website. The disclosure, dated April 18, 2026, und...
ICICI Bank Files Form 6-K, Releases FY 2026 Earnings Investor Presentation
Apr 21, 2026
ICICI Bank has notified investors that it has released an investor presentation to accompany its earnings call for the quarter and financial year ended March 31, 2026. The materials, announced to Indian stock exchanges and made available via the b...
ICICI Bank Board Clears FY26 Results, ₹12 Dividend and New Debt-Raising Limits
Apr 21, 2026
On April 18, 2026, ICICI Bank’s board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, reporting continued profit growth and a robust Basel III capital adequacy ratio of 17.18%...
ICICI Bank Board to Weigh New Debt Issuance and Buyback Plan on April 18
Apr 15, 2026
ICICI Bank has notified investors that its board meeting scheduled for April 18, 2026, will include consideration of fresh fund-raising through issuance of debt securities in domestic and overseas markets, including non-convertible debentures, bon...
ICICI Bank Schedules April 18, 2026 Calls on FY2026 Results
Apr 15, 2026
ICICI Bank Limited is a leading Indian private-sector bank headquartered in Mumbai, providing a broad range of retail and corporate banking services, along with treasury and investment products. The bank serves domestic and international customers...
ICICI Bank Finalizes Transfer of Select AIF Management to ICICI Prudential AMC
Apr 2, 2026
ICICI Bank Limited disclosed that, following prior announcements in May 2025 and March 2026, it has completed a key step in reorganizing its investment management operations. The private equity, venture capital, and real estate fund management bus...
ICICI Bank Redeems Strategic Investments Fund Units, Removes Vehicle From Group Accounts
Mar 25, 2026
On March 25, 2026, ICICI Bank disclosed that ICICI Venture Funds Management Company, its wholly owned subsidiary, had been managing ICICI Strategic Investments Fund, whose financial results were fully consolidated with the bank because ICICI Bank ...
ICICI Bank Fully Redeems USD 800 Million Notes Under Global Medium Term Note Programme
Mar 20, 2026
ICICI Bank Limited has redeemed in full USD 800 million of notes issued under its Global Medium Term Note Programme, together with USD 16 million in accrued interest, for a total payout of USD 816 million. The redemption, completed on March 18, 20...
ICICI Bank Faces ₹384 Crore GST Demand Over Minimum-Balance Services
Mar 20, 2026
On March 18, 2026, ICICI Bank received an order from the Additional Commissioner of CGST and Central Excise, Mumbai East Commissionerate, under Section 74 of the Maharashtra Goods and Services Tax Act, 2017. The order raises a Goods and Services T...
ICICI Bank Sets April 18 Board Meeting for FY 2026 Results and Dividend Consideration
Mar 20, 2026
ICICI Bank has notified investors that its Board of Directors will meet on Saturday, April 18, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026, and to decid...
ICICI Bank Secures SEBI Nod to Shift Key Alternative Investment Funds to ICICI Prudential AMC
Mar 4, 2026
ICICI Bank has reported that India’s securities regulator, SEBI, has approved a key step in the previously announced plan to transfer the private equity, venture capital and real estate fund management business of ICICI Venture Funds Managem...
ICICI Bank Moves to Boost Stake in ICICI Prudential Life to Preserve Majority Control
Mar 2, 2026
ICICI Bank’s board, meeting from February 26 to 28, 2026, approved the purchase of up to an additional 2.0% stake in its subsidiary ICICI Prudential Life Insurance Company. The move is designed to help the bank maintain its majority sharehol...
ICICI Bank Shareholders Clear Appointment of Independent Director via E-Voting
Feb 27, 2026
ICICI Bank has reported to U.S. and Indian investors that shareholders have approved a special resolution to appoint Ms. Vijayalakshmi Iyer as an independent director, effective December 1, 2025. The approval followed a postal ballot and remote e-...
ICICI Bank to Challenge Maharashtra GST Appellate Order on ₹50.38 Crore Tax Demand
Feb 23, 2026
ICICI Bank has disclosed that, on February 21, 2026, it received an Order in Appeal from the Maharashtra Goods and Services Tax Department upholding a tax demand of ₹50.38 crore, along with an equivalent penalty and applicable interest. The ...
ICICI Bank Wins RBI Nod to Build Strategic Stakes in Eight Indian Banks
Feb 13, 2026
On February 10, 2026, ICICI Bank and its group entities, via ICICI Prudential Asset Management Company, received Reserve Bank of India approval to acquire an aggregate holding of up to 9.95% of the paid-up share capital or voting rights in eight I...
ICICI Bank Publishes Transcripts on Q3 FY2026 Financial Results
Jan 23, 2026
On January 22, 2026, ICICI Bank Limited reported to the U.S. Securities and Exchange Commission that it has released transcripts of its recent media conference call and earnings call with analysts and investors, covering the financial results for ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.